“Turning a Global Crisis into a Global Opportunity”
“Small change for the banks, Big change for the people”
Today I added my name to the list of 103,663 people who support the Robin Hood Tax. I had seen tweets about it, but had (stupidly) never thought to find out more about it. I was surprised by how much money a 0.05% tax on the financial sector would help people who are living in poverty in the UK, the US and all over the world. I know I have just copied and pasted from the website, but I can’t really put it into better words. There’s also a lot more information on both the UK and US websites. I’d love to know if anyone reading this has added their name, and would be super happy if I could persuade just one person to add their name!
What Is A Robin Hood Tax?
“A Robin Hood Tax is a tiny tax on the financial sector that could generate billions of pounds annually to fight poverty and climate change at home and abroad. Small change for the banks – big change for those hit hardest by the financial crisis.
Also known as a Financial Transaction Tax (FTT), a Robin Hood Tax is a tiny tax of about 0.05% on transactions like stocks, bonds, foreign currency and derivatives, which could raise £250 billion a year globally. FTTs are well-tested, cheap to implement and hard to avoid.
In fact, there are already lots of different transaction taxes implemented by many countries, including in the UK. They all work on the same principle: taxing every transaction a very small amount. We think there should be a lot more of them, particularly in areas not yet taxed, like currency transactions and derivatives.
Importantly, transaction taxes are also good in that they would reduce the number of the most risky transactions, the gambling which helped to trigger the financial crisis.”
What Could The Money Pay For?
“The financial crisis has driven millions of people into poverty and put many more at risk as the world’s poorest countries scramble to fill huge budget holes with dwindling help from richer nations. Poor people in the UK are also being hit hardest by cuts. Revenue from a Robin Hood Tax could go a long way to helping make the world a fairer place.
In the UK:
- £110,000 saves 350 libraries at risk of closure
- £680m reinstates Educational Maintenance Allowances
- £2 billion avoids housing benefit cuts
- £4 billion halves child poverty
- £5 billion insulates every home
Around the world:
- £4 billion puts every child on earth in primary school
- £5 billion pays for free health care for 200,000 people
- £7 billion means Haiti can fully adapt to the threat of flooding “